5 questions lodged at 2025 ABX Group virtual AGM

Q1. Could new chair Jocelyn Morton please comment on the biggest changes in board process, delegations, reporting lines or governance that she has implemented since taking over as chair from Paul Lennon last year. Could CEO Mark Cooksey also comment as to whether Jocelyn is more or less hands on than Paul Lennon as a chair?

Answer: The chair Jocelyn Morton stressed they were a small and efficient 3 person board which could make lots of quick decisions and CEO Mark Cooksey said not a lot had changed with the chair transition. Watch video of exchange via Twitter.

Q2. On page 58 of the latest annual report it states that billionaire Robert Millner is our 11th biggest shareholder with a 1.17% stake in the company. Could the chair or CEO explain the history of our relationship with Mr Millner and why has this investment been made personally by Mr Millner, rather than through the ASX listed investment conglomerate Soul Pattinson which he controls through an undemocratic cross-shareholding arrangement with Brickworks?

Answer: The chair Jocelyn Morton said Rob Millner has had a long interest in the company and she even personally met with him to discuss the company's prospects. Watch video of exchange via Twitter.

Q3. Could external audit signing partner Phillip Jones, or his substitute Stuart Cameron, from KS Black & Co please comment on the accuracy of his key audit matters comments in the latest annual report, specifically whether the $10.2m market capitalisation figure quoted for March 23, 2024, should in fact have read 2025, given that Mr Jones signed the accounts on March 31, 2025. Also, where did we find KS Black from, what is the history of the relationship with our company and what other public companies do they audit?

Answer: The question wrangler and out-sourced company secretary from Vistra, Mathew Watkins, initially dealt with this, admitting to the error as the auditor had dropped off the call. The chair didn't know much about the history but the CEO said the relationship probably went back to the 2009 IPO. Watch video of exchange via Twitter, plus the second admission of the error when Stuart Cameron got back on the call.

Q4. We seem to be a strangely governed company with a former Tasmanian Premier as our recently departed chair, our headquarters in Melbourne, the boutique external auditor based in Sydney and a minimalist 3 person board. How many full time equivalent staff do we actually have and how many actually turn up to work in the head office at 100 Albert Rd in South Melbourne in any given week?

Answer: The CEO explained the history with a CEO who used to be Sydney, but he lives in Melbourne. The focus is gravitating to Tasmania with the rare earths push and they currently have 8 FTEs. Watch video of exchange via Twitter.

Q5. Resolution 8 question: "It is not good practice to allow a board to selectively place up to 25% of the company's shares to anyone they like over a 12 month period, diluting the existing shareholders without compensation for their lost property rights. What is our history of doing selective placements, why are we asking for this authority and has there been a substantial protest vote against this resolution? Placements favour big end of town investors at the expense of retail and even when retail are offered an SPP, the mast majority don't participate. The biggest victim in Australia's anything goes capital raising system is the retail shareholder who doesn't open the mail or email so please take this into account and do a pro-rata renounceable offer next time we do a capital raising?"

Answer: The chair waffled on for a bit with her answer before the CEO got more into specifics. Watch video of exchange via Twitter, plus these additional comments by CEO Mark Cooksey pointing to previous SPP offers.

Copyright © 2025 The Mayne Report. All rights reserved

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